Hurricane Florence's economic cost may total $50 billion: Report

Duke Energy spokesperson Jeff Brooks says it has already restored power to 1.6 million customers in North and South Carolina.

Hurricane Florence caused between $38 billion and $50 billion in damage and economic losses after bringing severe rainfall and flooding to the Carolinas, according to a report Friday.

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The high estimate of $50 billion would make Florence the seventh-costliest storm in history behind Hurricane Andrew, based on Moody’s Analytics data cited by The Wall Street Journal.

Florence is expected to cost less than last year’s three hurricanes. Moody’s estimated that Harvey’s damage hit $133.5 billion, the Journal said. Maria cost $120 billion, and Irma’s total was $84.2 billion. Estimates for the storms’ cost include damage to homes and vehicles, as well as lost economic output.

Florence has wreaked havoc on the Carolinas and Virginia since making landfall on Sept. 14. Officials have said 41 people died as a result of the storm, and thousands are still without power or unable to return to their homes.